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Helicopter Drops and Liquidity Traps
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023
drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints …
Persistent link: https://www.econbiz.de/10014247967
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Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
Acharya, Viral V.; Chauhan, Rahul S.; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023
in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …
Persistent link: https://www.econbiz.de/10014247971
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Contingent Credit Under Stress
Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023
' provision of liquidity insurance in the form of credit lines, their significance in managing corporate liquidity, and the …
Persistent link: https://www.econbiz.de/10014437040
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Bankruptcy Exemption of Repo Markets : Too Much Today for Too Little Tomorrow?
Acharya, Viral V.; Anshuman, V. Ravi; Viswanathan, S. - National Bureau of Economic Research - 2024
-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity … and induces entry of intermediaries with higher leverage during normal times. This liquidity creation occurs, however, at …
Persistent link: https://www.econbiz.de/10014468227
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When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts
Acharya, Viral V.; Rajan, Raghuram Govind; Shim, Jack - National Bureau of Economic Research - 2022
We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country's access to external borrowing. In turn, access to borrowing...
Persistent link: https://www.econbiz.de/10013334513
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An Analysis of Pandemic-Era Inflation in 11 Economies
Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2024
In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...
Persistent link: https://www.econbiz.de/10014544809
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What Caused the US Pandemic-Era Inflation?
Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2023
We answer the question posed by the title by specifying and estimating a simple dynamic model of prices, wages, and short-run and long-run inflation expectations. The estimated model allows us to analyze the direct and indirect effects of product-market and labor-market shocks on prices and...
Persistent link: https://www.econbiz.de/10014322804
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Financial Integration and Monetary Policy Coordination
Bianchi, Javier; Coulibaly, Louphou - National Bureau of Economic Research - 2023
Financial integration generates macroeconomic spillovers that may require international monetary policy coordination. We show that individual central banks may set nominal interest rates too low or too high relative to the cooperative outcome. We identify three sufficient statistics that...
Persistent link: https://www.econbiz.de/10014447329